The preliminary financial results for the first quarter of 2024 from the Saudi Basic Industries Corporation (SABIC) show a total revenue of 32.6 billion Saudi riyals, marking a 10.2% decrease from the same period last year and a 6.6% decrease from the previous quarter.
SABIC recorded a net profit of a quarter billion riyals for the first quarter.
Market data reveals that the company’s overall profit for Q1 2024 reached 5.8 billion riyals, with an operating profit of 1.2 billion riyals. The net profit amounted to a quarter billion riyals, down 62% compared to the same period in the previous year.
After excluding non-controlling interests, the total equity stood at 166.9 billion riyals, with earnings per share at 0.08 billion riyals.
The decline in revenues is attributed to both a 3% drop in average selling prices and a 7% decrease in quantities sold.
The primary reason behind the reduced net profit is the decrease in revenues and results from affiliated companies and joint ventures, coupled with losses from discontinued operations.
The decrease in revenues is primarily due to an 11% decline in quantities sold, driven by reduced production volumes resulting from periodic maintenance of some factories. However, this was partially offset by a 4% increase in the average selling prices of products.
